Prime property predictions 2020: Europe, the Middle East and Africa | FT Property Listings:
In the United Arab Emirates, a combination of new government policies and major investment is set to change residential markets. In Dubai, the government has set up a real estate committee to address concerns such as oversupply, and 2020 will see developers focus on completion and handover of ongoing projects.
A Dh50bn ($13.6bn) fund in Abu Dhabi will boost the development of small and medium-sized businesses, research and development, and eco-tourism alongside a significant infrastructure spend. This should cascade into the local economy, although there may be a short lag for this to trickle into real estate capital values.
Freehold legislation changes announced in 2019 have helped create an investment-friendly legal framework and, as prices begin to bottom out, will herald a more stable, less cyclical and therefore more sophisticated market.
A growing population in Sharjah is driving demand in an area coined Emerging Sharjah. Inquiry levels rose 50 per cent between the first and second quarters of 2019 and this is expected to continue into 2020.
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